Tennessee Republican Governor Bill Lee signed a bill into law earlier this week that prohibits financial institutions, such as banks and credit card companies, from specifically tracking gun and ammunition purchases.
<a href="https://wapp.capitol.tn.gov/apps/BillInfo/Default.aspx?BillNumber=HB2762" target="_blank" rel="noopener">House Bill 2762</a>, also called the &#8220;Second Amendment Financial Privacy Act,&#8221; prohibits financial institutions from requiring gun retailers to use a specific merchant code &#8220;that distinguishes a firearms retailer from a general merchandise retailer or a sporting goods retailer.&#8221; All retailers are assigned merchant codes based on what they sell, allowing banks and credit card companies to track purchasing patterns and protect against fraud. Gun retailers&#8217; merchant codes are usually included with those of other shops, like sporting goods stores.
State Rep. Rusty Grills, a Republican, introduced the legislation earlier this year after credit card companies Visa and Mastercard <a href="https://www.dailywire.com/news/visa-to-categorize-sales-at-gun-stores-in-win-for-gun-control-advocates" target="_blank" rel="noopener">announced</a> plans to separately categorize firearm and ammunition purchases in 2022.
The &#8220;Second Amendment Financial Privacy Act&#8221; also prohibits financial institutions from declining credit card transactions &#8220;based solely on the assignment or non-assignment of a firearms merchant category code&#8221; and outlaws government entities from keeping a registry of privately owned firearms or gun owners in the state.
Rep. Grills told The Daily Wire in a phone conversation on Thursday that he introduced the legislation to &#8220;protect the Second Amendment rights of all those in Tennessee&#8221; by preventing financial institutions from creating &#8220;a database&#8221; of gun buyers, a possibility Grills said is troubling because many corporations are being led by &#8220;capitalist woke folks.&#8221; Grills added that this new law will preempt any potential future efforts by institutions to interfere with Tenesseeans&#8217; Second Amendment rights.
&#8220;We would rather be able to protect our rights from the beginning rather than have to fight for our rights back at the end,&#8221; Grills said.
The bill passed the state House and Senate earlier this month before it was signed into law by Gov. Lee on Tuesday.
In 2022, the International Organization for Standardization (IOS) — which develops proprietary, industrial, and commercial standards — <a href="https://www.reuters.com/world/exclusive-global-standards-body-approves-new-merchant-code-gun-sellers-2022-09-09/" target="_blank" rel="noopener">approved</a> a new merchant code specifically for gun retailers.
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Shortly after the IOS approved the change, credit card companies took the step of categorizing gun purchases separately from all other purchases. At the time, congressional Democrats were also <a href="https://twitter.com/SenWarren/status/1567214955690135552?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1567214955690135552%7Ctwgr%5Ef5ec583f964c1dc4fbe19556fa5ca458046587c1%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fnews.dailywire.com%2Fwp-admin%2Fpost.php%3Fpost%3D728687action%3Dedit" target="_blank" rel="noopener">urging</a> Visa, Mastercard, and American Express to &#8220;do more to help stop mass shootings.&#8221;
Those three credit card companies, however, paused plans to track gun purchases a few months later after Republican lawmakers and attorneys general <a href="https://www.dailywire.com/news/23-republican-ags-warn-credit-card-companies-to-abandon-plan-to-identify-gun-sales" target="_blank" rel="noopener">warned</a> the payment processors of the constitutional ramifications of their proposal. But in February of this year, Visa, Mastercard, and American Express moved forward with a plan to potentially track gun purchases in California, CBS News <a href="https://www.cbsnews.com/news/american-express-visa-mastercard-gun-merchant-code/">reported</a>.
While multiple Republican-led state legislatures have passed bans on the specific merchant code for gun retailers, California passed a law requiring gun retailers to adopt the merchant code by May 2025.

Gun Store

Tennessee Governor Signs Bill Preventing Financial Institutions From Conducting Unauthorized Surveillance Of Gun Buyers

Banks

Bill Lee

credit card

General

Guns

Politics

Second Amendment

Tennessee

Dr. Jordan B. Peterson will testify on Capitol Hill this week for a House hearing on allegations of government collusion with banks to snoop on the private financial information of U.S. citizens, The Daily Wire has learned.
The Thursday hearing will be held by the House Judiciary Committee&#8217;s Select Subcommittee on the Weaponization of the Federal Government, which is chaired by Rep. Jim Jordan (R-OH). Jordan announced in January of this year that his committee obtained documents that show the federal government <a href="https://judiciary.house.gov/media/press-releases/federal-government-flagged-transactions-using-terms-maga-and-trump-financial" target="_blank" rel="noopener">flagged</a> monetary transactions using terms associated with former President Donald Trump for financial institutions.
&#8220;We now know the federal government flagged terms like &#8216;MAGA&#8217; and &#8216;TRUMP,&#8217; to financial institutions if Americans completed transactions using those terms,&#8221; Jordan <a href="https://twitter.com/Jim_Jordan/status/1747718053365010737" target="_blank" rel="noopener">said</a> in a post to X. &#8220;What was also flagged? If you bought a religious text, like a BIBLE, or shopped at Bass Pro Shop.&#8221;
In addition to being a <a href="https://www.dailywire.com/watch/jordan-peterson">DailyWire+ host</a>, Peterson is a Canadian clinical psychologist, best-selling author, and professor emeritus at the University of Toronto.
Ever since February of 2022, when Canadian Prime Minister Justin Trudeau <a href="https://www.dailywire.com/news/breaking-trudeau-announces-unprecedented-action-freezing-bank-accounts-of-freedom-convoy-protesters" target="_blank" rel="noopener">invoked</a> the Emergencies Act to freeze money to members of the &#8220;Freedom Convoy&#8221; who protested restrictive COVID-19 measures and vaccine mandates, Peterson has raised concerns about government abuse of the financial system.
When a top official said &#8220;accounts will be frozen,&#8221; Peterson <a href="https://twitter.com/jordanbpeterson/status/1494380989002489856?lang=en" target="_blank" rel="noopener">warned</a> on X that it meant the government &#8220;can now steal your money with the collusion of the banks because you provided financial support to a protest against the government. If you think this is a good idea you deserve what [is] coming to you.&#8221;
Peterson continued to speak out about the controversy in posts to social media. &#8220;Your seizure of Canadian bank accounts was the worst single act of the most reprehensible government in Canadian history,&#8221; he <a href="https://twitter.com/jordanbpeterson/status/1626697575742205952?lang=en" target="_blank" rel="noopener">said</a> in a post to X in February 2023.
Concerns about federal law enforcement targeting political and religious expression protected by the Constitution as well as protecting civil liberties are certain to be topics of discussion during the hearing on Thursday.
In addition to Peterson, the witnesses who are expected to attend include: Brian Knight, senior research fellow and director of Innovation and Governance at George Mason University&#8217;s Mercatus Center at George Mason University; Jeremy Tedesco, senior counsel at the Alliance Defending Freedom; and Norbert Michel, vice president and director of the Cato Institute&#8217;s Center for Monetary and Financial Alternatives.

Dr. Jordan Peterson/Jim Jordan

Jordan Peterson To Testify To Congress On Government Collusion With Banks

Jordan Peterson To Testify At Hearing on Alleged Government Collusion With Banks

Canada

Congress

First Amendment

Jim Jordan

Jordan Peterson

U.S.

U.S. House of Representatives

<div>
Asked whether the Treasury Department urged financial institutions to examine legal purchases for signs of extremism, Treasury Secretary Janet Yellen dodged the question, Fox News <a href="https://www.foxbusiness.com/politics/yellen-dodges-whether-treasury-department-moved-surveil-americans-legal-purchases">reported</a>.
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<div>
In January, the House Judiciary Committee <a href="https://www.foxnews.com/politics/house-gop-investigating-bank-america-voluntarily-fbi-list-customers-jan-6" target="_blank" rel="noopener">asserted</a> that federal investigators, as part of an investigation into the events of January 6, 2021, urged banks to search and filter legal purchases with terms like &#8220;MAGA,” “Trump,” “Dick&#8217;s Sporting Goods,” “Cabela&#8217;s,”  and “Bass Pro Shops” while warning that the sale of “religious texts” could indicate &#8220;extremism.&#8221;
House Judiciary Committee Chair Jim Jordan <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-01-17-jdj-to-bishoff-re-ti-request.pdf">stated in a letter</a> that after Jan. 6, the Treasury Department’s Office of Stakeholder Integration and Engagement in the Strategic Operations of the Financial Crimes Enforcement Network (FinCEN), sent banks outlines “typologies” of “various persons of interest” as well as “suggested search terms and Merchant Category Codes for identifying transactions on behalf of federal law enforcement.”
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“According to this analysis, FinCEN warned financial institutions of ‘extremism’ indicators that include ‘transportation charges, such as bus tickets, rental cars, or plane tickets, for travel areas with no apparent purpose,’ or ‘the purchase of books (including religious texts) and subscriptions to other media containing extremist views,’” Jordan wrote to the former director of FinCEN. “In other words, FinCEN used large financial institutions to comb through the private transactions of their customers for suspicious charges on the basis of protected political and religious expression.”
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On Tuesday, Rep. Ann Wagner (R-MO) <a href="https://katv.com/news/nation-world/treasury-secretary-wont-say-whether-dept-surveils-americans-purchases-concerning-janet-yellen-ann-wagner-fincen-transactions-financial-crimes-enforcement-network" target="_blank" rel="noopener">stated</a>, “Increasingly, we are hearing the federal government is suggesting banks search private financial transactions using highly partisan political terms or check to see if customers made purchases that could be associated with legal sales of firearms or even religious texts.”
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She asked Yellen, &#8220;Has Treasury — including FinCEN or federal banking agencies like the Fed, FDIC, OCC — instructed financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?”
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“Well, we received the letter from you, I believe, on this topic, and we intend to investigate and to respond,” Yellen dodged. 
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“Have you instructed banks and financial institutions to provide this information?” Wagner pressed.
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&#8220;Well, FinCEN, our job is to work with financial institutions to make sure —&#8221; Yellen replied.
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&#8220;Are they instructing financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?&#8221; Wagner reiterated.
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&#8220;I promise a thorough look into everything,&#8221; Yellen answered.
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Treasury Secretary Janet Yellen On Capitol Hill

Janet Yellen Dodges Questions On Whether Biden Treasury Dept Urged Banks To Search Private Transactions

Janet Yellen

Privacy

Treasury Department

Saturday Night Live made headlines this weekend for all the wrong reasons. During Weekend Update, a cast member suggested that Donald Trump stumbled and introduced a “new term” to the debate called “de-banking.” What followed was a rather feeble attempt at mocking the former president.
In reality, de-banking is no laughing matter. It means losing essential financial services, like a bank account, payment processing, or even insurance, because of your views. And it is on the rise — so much so that the U.S. Supreme Court is set to hear arguments involving the issue this term.
Funny enough, the case originates in the Empire State (“Live from New York,” anybody?), where the National Rifle Association is challenging New York’s attempt to coerce banks and insurance companies to withdraw services from the group. The NRA alleges that the Department of Financial Services — at the behest of then-Governor Andrew Cuomo — used its vast power to regulate “reputational risk” along with back-channel meetings, public investigations, and threats of fines to punish the group for its Second Amendment advocacy. 
This is not an isolated incident. A string of religious ministries and conservative groups have also been <a href="https://www.viewpointdiversityscore.org/resources/instances-of-viewpoint-based-de-banking" target="_blank" rel="noopener">victimized</a> by de-banking. As Alliance Defending Freedom points out in a friend-of-the-court brief filed in support of the NRA’s position, pro-life group Heartbeat International was recently canceled by its insurance provider over its “anti-abortion” advocacy.
Likewise, Bank of America de-banked Indigenous Advance Ministries, an ADF client that serves impoverished Ugandan widows and orphans. The bank closed Indigenous Advance’s long-standing account as well as the account of a local church that donates to the ministry. The bank claimed it no longer wanted to serve their “business type” and that Indigenous Advance exceeded the “bank’s risk tolerance.”
It did this right before a planned mission trip to Uganda, sending Indigenous Advance scrambling to open new accounts and drastically reducing the funds for the trip. It couldn’t pay its Ugandan ministry partners — who live meal to meal — for several weeks. And it had to temporarily reduce aid to the impoverished people they serve.
Similar instances of de-banking abound. Former Brexit leader Nigel Farage’s high-profile case resulted in the <a href="https://www.reuters.com/business/finance/natwest-board-backs-ceo-alison-rose-over-farage-account-row-2023-07-25/" target="_blank" rel="noopener">ouster</a> of megabank NatWest’s CEO. Serial offender JPMorgan Chase’s <a href="https://www.wsj.com/articles/jpmorgan-targeted-by-republican-states-over-accusations-of-religious-bias-903c8b26?mod=Searchresults_pos1&amp;page=1" target="_blank" rel="noopener">hit list</a> includes the <a href="https://familycouncil.org/?p=25159" target="_blank" rel="noopener">Arkansas Family Council</a>, <a href="https://www.foxbusiness.com/politics/chase-bank-missouri-conservative-group" target="_blank" rel="noopener">Defense of Liberty</a>, and U.S Ambassador Sam Brownback&#8217;s <a href="https://www.newsweek.com/stop-troubling-trend-politically-motivated-debanking-opinion-1787639" target="_blank" rel="noopener">National Committee for Religious Freedom</a>.
<iframe loading="lazy" title="Weekend Update: Trump Ordered to Pay $83 Million, DeSantis Endorses Trump - SNL" width="500" height="281" src="https://www.youtube.com/embed/QLt6xK33mUc?start=133&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
There are many reasons for this phenomenon, but the root cause is vague terms of service. 
“Reputational” and “social” risk policies pervade financial institutions. Customers at all 28 commercial banks scored in Alliance Defending Freedom’s <a href="https://www.viewpointdiversityscore.org/business-index" target="_blank" rel="noopener">index</a> that measures corporate respect for free speech and religious freedom are currently vulnerable to de-banking.
Most alarmingly, 7 of the nation’s 10 largest commercial banks — including the top 3 — have “reputational risk” or “hate speech” policies. These policies’ overly broad and subjective language permit employees to discriminate based on a customer’s viewpoint and then hide their viewpoint-based actions behind opaque standards. They also allow abuse by government regulators.
A positive ruling in the NRA case — which, in a comedic twist that should provide fodder for SNL writers, is being argued by the ACLU — would affirm that the government cannot carry out its censorship schemes by co-opting third parties as censors. That would help. But that does not address the many de-banking decisions that can be laid at the feet of private actors.
The solution to this problem may lie with the states. This state legislative season presents an opportunity for states interested in protecting against politicized de-banking to act. Any such law should focus on the worst actors – the largest banks and payment processors. Thanks to wide-reaching government benefits, such as greater lending power, FDIC insurance rates, subsidies, bailouts, and an anticompetitive chartering system, these institutions dominate their markets over state-level competitors yet are responsible for the worst de-banking incidents.
At a minimum, the law should prohibit denial of services based on religious or political beliefs, give customers the right to ask for a detailed explanation when services are denied, empower the attorney general to enforce the statute, and provide aggrieved customers a private right of action.
No one should have to worry that they could lose their bank account, insurance coverage, or other essential financial services because of their religious or political views. Yet it’s clear that vague financial service policies abused by private and government actors pose a serious threat to everyone’s freedom of speech and religion.
So, an inadvertent thanks to our pals at SNL for bringing up de-banking. It’s about time we talked about it. And it’s about time for the law to require viewpoint neutrality from the biggest banks and payment processors.
* * *
Jeremy Tedesco is senior counsel and senior vice president of Corporate Engagement for <a href="http://www.adflegal.org/?utm_source=wallstreetjournal&amp;utm_medium=oped" target="_blank" rel="noopener">Alliance Defending Freedom</a> (<a href="https://twitter.com/ADFLegal">@ADFLegal</a>).
The views expressed in this piece are those of the author and do not necessarily represent those of the Daily Wire.

SNL’s Colin Jost on Weekend Update

SNL’s Trump ‘De-Banking’ Gaff Accidentally Elevates Hot Button Issue

SNL’s Trump 'De-Banking' Gaff Accidentally Elevates Hot Button Issue 

Alliance Defending Freedom (ADF)

Bank of America

Banking

Christians

Conservatives

Donald Trump

JP Morgan

Readers Pass

More than 60 branches of major banks filed to close in just one week this month, the latest in a growing trend of banks shuttering physical locations.
A total of 64 branches filed to close branches between November 12 and 18, according to data from the U.S. Office of the Comptroller of the Currency, ZeroHedge <a href="https://www.zerohedge.com/personal-finance/64-us-bank-branches-file-shut-down-single-week-are-you-affected" target="_blank" rel="noopener">reported</a>.
The bank with the most closures was PNC Bank, the country&#8217;s sixth largest, which has been working on cutting costs lately.
PNC filed to shut down 19 branches across eight states, including five in Pennsylvania, four in Illinois, and locations in Texas, Alabama, New Jersey, Indiana, Ohio, and Florida.
During PNC&#8217;s second quarter earnings call, CEO William Demchak said the bank is “going to have to take a hard look&#8221; at where it can &#8220;generate savings &#8230; without cutting the potential for growth.”
Last month, PNC also said it was cutting 4% of its workforce. The bank has already shut down dozens of branches this year and is aiming for $725 million in expense cuts next year.
One factor driving the branch closures is the rise of online banking. During the pandemic, the number of bank branches shutting down <a href="https://ncrc.org/the-great-consolidation-of-banks-and-acceleration-of-branch-closures-across-america/" target="_blank" rel="noopener">doubled</a> as more people stayed at home and banked through their bank&#8217;s website or banking app.
Between 2017 and 2021, about 7,500 bank branches, or 9% of all brick-and-mortar locations shut down, <a href="https://ncrc.org/the-great-consolidation-of-banks-and-acceleration-of-branch-closures-across-america/" target="_blank" rel="noopener">according</a> to a report from the National Community Reinvestment Coalition.
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Last year alone, a net of 2,054 bank branches closed, <a href="https://www.zerohedge.com/personal-finance/64-us-bank-branches-file-shut-down-single-week-are-you-affected" target="_blank" rel="noopener">according</a> to data from S&amp;P.
Although closing physical banking locations may save banks money, they have also created banking deserts for customers or areas where the closest bank is many miles away. This can cause a litany of other unintended effects, such as a decline in small business lending, as well as the area losing an employer and commercial tenant.
Also, when there are fewer branches in the area, more people use &#8220;alternative financial services that open them to unregulated and predatory financial practices,&#8221; a report from the National Community Reinvestment Coalition <a href="https://www.zerohedge.com/personal-finance/64-us-bank-branches-file-shut-down-single-week-are-you-affected" target="_blank" rel="noopener">said</a>.
PNC&#8217;s closures are expected to result in 60% of its banking business being online.
JPMorgan Chase was the bank with the second most branch closure filings during the week of November 12. The bank filed to shutter 18 branches in 14 states including New York, Ohio, and Connecticut.
Citizens Bank filed to close eight branches, including six branch closures in New York.
U.S. Bank filed to shutter seven locations including three in Tennessee.
Bank of America filed to close five locations including two in New York, and one each in Texas, Massachusetts, and California.
Citibank filed to shut down two branches.
Several other banks filed to shut down one branch each, including Sterling, Bremer, First National Bank of Hughes Springs, Windsor Federal Savings &amp; Loan Association, and Aroostook County Federal Savings &amp; Loan Association.

PNC Bank Branch Locations Ahead Of Earning Figures

Over 60 U.S. Bank Branches File To Shutter In One Week

Biden Administration

Economy

Money

On Tuesday, Moody&#8217;s reduced the credit ratings of ten regional American <a href="https://www.dailywire.com/topic/banks">banks</a> while threatening to downgrade many other bigger banks.
The ten banks targeted by Moody’s included Amarillo National Bancorp, BOK Financial, Commerce Bancshares, Fulton Financial, M&amp;T Bank, Old National Bancorp, Pinnacle Financial Partners, Prosperity Bancshares, and Webster Financial.  Shares of the major banks JPMorgan, Bank of America, Citigroup and Wells Fargo plunged as a result.
Moody&#8217;s Investors Service revealed it would review the ratings of six other institutions, including Bank of New York Mellon, Northern Trust, State Street, and US Bancorp. In addition, Moody’s assigned a negative outlook to 11 other banks, The Wall Street Journal <a href="https://www.wsj.com/articles/global-stocks-markets-dow-news-08-08-2023-f2a80b95?mod=hp_lead_pos2" target="_blank" rel="noopener">reported</a>. The Dow Jones Industrial average plunged 3.75%.
“Many banks&#8217; second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital,&#8221; Moody&#8217;s <a href="https://www.reuters.com/markets/us/moodys-downgrades-10-us-banks-warns-possible-cuts-others-2023-08-08/" target="_blank" rel="noopener">said.</a> &#8220;This comes as a mild U.S. recession is on the horizon for early 2024 and asset quality looks set to decline, with particular risks in some banks’ commercial real estate (CRE)portfolios.&#8221;
&#8220;U.S. banks&#8217; Q2 earnings showed material increases in funding costs as well as profitability pressures related to the significant and rapid tightening in monetary policy and inverted yield curve, which will continue to lower profitability and implies a weaker ability to generate capital internally,&#8221; Moody&#8217;s analysts added.
“What we&#8217;re doing here is recognizing some headwinds &#8211; we&#8217;re not saying that the banking system is broken,” Ana Arsov, managing director of financial institutions at Moody&#8217;s, stated. “This is largely a profitability story — we are not raising major concerns that the system is majorly undercapitalized or underfunded.”
The net interest margins of bank, which are the difference between interest the banks earn on loans and the interest depositors earn, have been affected because of the release of non-interest bearing deposits that were triggered by the 2023 financial situation, Investopedia <a href="https://www.investopedia.com/moody-s-downgrades-credit-ratings-for-10-banks-puts-six-others-on-notice-7571278#citation-1" target="_blank" rel="noopener">noted</a>, adding that most banks are troubled by high loan-to-deposit ratios, which could leave them vulnerable to insufficient liquidity.
In May, First Republic Bank failed, the biggest bank to fail since Washington Mutual in 2008, which was the largest bank failure in U.S. history.

In this photo illustration, the Moody’s Corporation logo is

Moody’s Slashes Credit Ratings Of Regional Banks, Sees Recession In 2024

Moody's

One of the U.K.’s largest banks <a href="https://talk.tv/news/23195/metro-bank-refuses-to-open-account-for-gender-critical-parents-nigel-farage" target="_blank" rel="noopener">refused</a> to open an account with a conservative parent group because of its stances on gender ideology, the group claims.
Metro Bank, Britain’s seventh largest bank, <a href="https://www.dailymail.co.uk/news/article-12264723/Metro-Bank-blocks-gender-critical-parents-opening-account-signing-Stonewall-scheme.html" target="_blank" rel="noopener">would not</a> open a business account for <a href="https://ourduty.group/about/" target="_blank" rel="noopener">Our Duty</a>, an international network of over 2,000 parents that advocates against gender transitions for minors, according to the organization’s founder Keith Jordan.
“The content of your website conflicts with the culture and ideas we are pushing,” a Metro Bank employee <a href="https://twitter.com/OurDutyGrp/status/1676183710620590083" target="_blank" rel="noopener">allegedly</a> told the organization. “The bank has staff networks for diversity and inclusion including for LGBTQ staff.”
“The bank was making it patently clear that they consider only one worldview to be valid. If it were truly a champion of diversity and inclusion, it would accept our diverse views and be keen to include us,&#8221; the organization responded. “It seems that Our Duty is the latest casualty in the LGBTQ+ staff networks&#8217; war on differing views.”
On top of the bank&#8217;s reported refusal to open a business account with Our Duty, Jordan said that their existing &#8220;community account&#8221; with Metro Bank is “under review.” The bank told Jordan via email that Our Duty&#8217;s account violated guidelines that forbid community account holders from being &#8220;linked to, or influenc[ing] political policies or legislations,&#8221; The Telegraph <a href="https://www.telegraph.co.uk/news/2023/07/03/most-high-street-banks-signed-up-stonewall-diversity/" target="_blank" rel="noopener">reported</a>.
Last month, the bank of 2.5 million customers joined the Stonewall <a href="https://www.stonewall.org.uk/join-diversity-champions-programme" target="_blank" rel="noopener">Diversity Champion Program</a>, a controversial scheme that promotes left-wing LGBTQ agenda items in the workplace. In 2021, the BBC <a href="https://www.bbc.com/news/entertainment-arts-59232736" target="_blank" rel="noopener">left</a> the program over concerns that the publication could not be neutral in public debates due to its affiliation with Stonewall.
Metro Bank’s alleged denial comes amid <a href="https://www.dailymail.co.uk/news/article-12262157/Equalities-chief-fathers-rights-charity-UKIP-councillor-claim-bank-accounts-shut.html" target="_blank" rel="noopener">reports</a> of British banks shutting the accounts of people based on their political or moral views, including an equalities commissioner, fathers’ rights charity, and UKIP councilor.
The Royal Bank of Scotland (RBS) recently shut down the account of Scotland’s Equality and Human Rights Commissioner Dr. Lesley Sawers, who works on women’s and LGBT issues. Sawers’ husband claimed RBS told him that she has “a mark against her name.”
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The CEO of Families Needs Fathers, an organization that helps children maintain relationships with both parents after a divorce, told the Daily Mail that HSBC shut down their account in April “without any warning.”
Former Brexit Party leader Nigel Farage <a href="https://talk.tv/news/23072/what-is-the-real-reason-coutts-closed-nigel-farages-bank-account" target="_blank" rel="noopener">claimed</a> that Coutts bank closed his accounts and that nine other banks refused to open accounts with him because of his political views.
The British government is currently <a href="https://www.dailymail.co.uk/news/article-12258933/Rishi-Sunak-issues-warning-banks-blacklisting-customers-controversial-views.html" target="_blank" rel="noopener">investigating</a> banks for shutting down accounts because of their customers’ views on politics, Brexit, and gender ideology. However, the issue of banks retaliating against its customers for their political views is not limited to the U.K.
According to the Daily Mail, a whistleblower from Santander — an American bank — said that the bank is on a “really toxic path” and has been “policing the political views of their customers.” He also said that LGBT activists pressured the company to close the account of a customer who told the company that “banks shouldn’t support political causes” in reaction to Pride flags at one of Santander’s branches.
In 2022, Canadian Prime Minister Justin Trudeau worked with banks to freeze the accounts of those who protested his COVID mandates. According to <a href="https://www.nytimes.com/2022/02/14/world/americas/justin-trudeau-emergencies-act-canada.html" target="_blank" rel="noopener">The New York Times</a>, Canadian police officers exchanged protesters’ personal information with banks, and insurance companies were required to revoke coverage for vehicles used in protests.

Sign For Banking Brand Metro Bank

U.K. Bank Refuses To Open Account For Conservative Parent Group: Report

Censorship

Free Speech

gender ideology

U.K.

World

Officials in <a href="https://www.dailywire.com/topic/new-york-city" target="_blank" rel="noopener">New York City</a> limited account <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">deposits</a> on Thursday at Capital One and KeyBank after the financial institutions failed to submit required <a href="https://www.dailywire.com/topic/diversity" target="_blank" rel="noopener">anti-discrimination</a> plans.
The city issued <a href="https://comptroller.nyc.gov/newsroom/new-york-city-banking-commission-announces-measures-to-ensure-citys-designated-banks-more-accountable-to-the-public2/" target="_blank" rel="noopener">mandates</a> earlier this year for banks which hold public funds to detail “specific steps to combat different forms of discrimination in their operations.” An <a href="https://comptroller.nyc.gov/newsroom/new-york-city-banking-commission-votes-to-approve-26-depository-banks-for-two-years-limits-new-deposits-at-capital-one-and-keybank/" target="_blank" rel="noopener">announcement</a> from the office of New York City Comptroller Brad Lander claimed that Capital One and KeyBank “outright refused” to comply with the requirement.
“Banks seeking to do business with New York City must demonstrate that they will be responsible managers of public funds and responsible actors in our communities,” Lander said in a statement. “Unfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission’s designation process, leaving us to conclude that they are not taking meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars.”
Capital One held $7.2 million in city funds at the end of last month, while KeyBank held $10 million in city funds. Officials voted to freeze new deposits at the two companies for as many as two years, while Lander contended that International Finance Bank, PNC Bank, and Wells Fargo also neglected to comply with the anti-discrimination policies, through which the firms were asked to detail ways in which they avoid “discrimination in branch openings and closings, lending decisions, hiring, and other operations.” The latter firms do not currently hold city funds.
New York City officials received criticism for compelling banks to comply with the environmental, social, and corporate governance movement, also known as ESG, which asserts that businesses should leverage their financial power to advance certain social objectives.
Peter Schiff, a stockbroker and financial commentator, <a href="https://twitter.com/PeterSchiff/status/1661845687317741568" target="_blank" rel="noopener">said</a> on social media that banks “only discriminate based on competence and credit worthiness” since they are focused on maximizing profits. He said that New York City wants banks to “hire and make loans to minority applicants, even if they are less qualified and more likely to default.”
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Democratic officials have indeed introduced policies which would introduce considerations for personal loans divorced from the debtor’s financial responsibility. Federal Housing Finance Agency Director Sandra Thompson, an appointee of President Joe Biden, recently unveiled a policy that will <a href="https://www.dailywire.com/news/biden-now-punishing-americans-with-high-credit-scores-to-subsidize-certain-homebuyers" target="_blank" rel="noopener">require</a> Americans to pay higher mortgage rates and monthly fees if they have robust credit scores, while those with lower credit scores and smaller down payments will receive better rates. Buyers with credit scores above 680, for instance, would pay an additional $40 each month on a home loan of $400,000, while homebuyers who make down payments between 15% and 20% will receive the largest fees.
Republican state financial officers wrote in a <a href="https://www.dailywire.com/news/state-treasurers-urge-biden-to-end-mortgage-policy-that-penalizes-stable-buyers-to-give-risky-buyers-a-discount" target="_blank" rel="noopener">letter</a> to Biden and Thompson that the move renders home purchases “significantly more expensive” for families with strong credit. “For decades, Americans have been told that they will be rewarded for saving their money and building a good credit score,” they contended. “This policy turns that time-tested principle upside down.”
Treasury Secretary Janet Yellen likewise <a href="https://www.dailywire.com/news/bidens-treasury-advisory-committee-on-racial-equity-to-be-led-by-defund-the-police-advocate-former-philadelphia-mayor" target="_blank" rel="noopener">launched</a> an Advisory Committee on Racial Equity at the end of last year to consider “efforts to advance racial equity in the economy and address acute disparities for communities of color.”

Capital One

New York City Officials Freeze Accounts After Banks Fail To Submit Anti-Discrimination Plans

New York City Officials Freeze Bank Accounts After Companies Fail To Submit Anti-Discrimination Plans

Business

Diversity

New York City

Wokeness

<a href="http://dailywire.com/topic/jobs" target="_blank" rel="noopener">Roles</a> in asset management and <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">banking</a> pay much more if they are associated with the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>, according to <a href="https://www.reuters.com/sustainability/esg-us-finance-job-titles-comes-with-20-pay-premium-2023-05-19/" target="_blank" rel="noopener">data</a> from Revelio Labs shared with Reuters.
Skeptics of the ESG movement contend that the investment and business philosophy emphasizes political and social causes, such as decreasing carbon emissions or diversifying company leadership, in a manner that distracts from profitability. The expanding popularity of the movement in corporate circles nevertheless comes with a salary premium: finance roles with ESG in their titles pay an average of more than $110,000, exceeding the $90,000 average pay received by those in finance roles unrelated to ESG.
The analysis from Revelio Labs, which does not consider the bonuses often provided to finance professionals, examined some 28 million publicly available sources for the analysis.
&#8220;Salaries of ESG and non-ESG personnel started to diverge in 2020, in line with the spike in hiring in ESG roles due to the increasing focus on ESG and sustainable investing in the finance sector,&#8221; Loujaina Abdelwahed, an economist at Revelio Labs, said in an interview with Reuters.
There is considerable demand for financial services related to ESG: more than $35 trillion was invested in accordance with the philosophy across the world at the start of 2020, according to an <a href="https://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf" target="_blank" rel="noopener">analysis</a> from Global Sustainable Investment Alliance, representing more than one-third of all professionally managed assets in the regions evaluated by the organization.
“Beyond the top line growth in sustainable investment assets, this is an industry that is in transition, with rapid developments across regions that are reshaping sustainable investment to increasingly focus on moving the industry towards best standards of practice,” the report said. “There are expectations that sustainable investment is defined not just by the strategies involved, but by the short and long-term impacts that investors are having from their sustainable investment approach.”
Prominent firms indeed increased the extent to which they publicly engaged on political issues in the wake of the social justice movement which spread across the nation three years ago. Some have <a href="https://www.dailywire.com/news/an-overt-act-of-marketing-leading-bank-increases-quota-for-women-in-senior-roles" target="_blank" rel="noopener">adopted</a> public commitments to increase the number of racial minorities and females who are promoted to senior management, implemented <a href="https://www.dailywire.com/news/united-airlines-pours-millions-into-decarbonizing-air-travel-with-alternative-to-jet-fuel" target="_blank" rel="noopener">efforts</a> to reduce carbon emissions, or <a href="https://www.dailywire.com/news/new-analysis-corporate-america-has-donated-82-billion-to-blm-related-causes-so-far" target="_blank" rel="noopener">contributed</a> to activist entities which support racial justice.
Workers have now come to expect that their employers vocally support activist efforts. The most recent <a href="https://www.dailywire.com/news/massive-share-of-workers-upset-companies-are-not-calling-out-racism-more-often" target="_blank" rel="noopener">edition</a> of the Edelman Trust Barometer found that 62% of respondents say companies are “doing mediocre or worse living up to their promises and commitments to address racism both within their organization as well as the population.” Some 74% of blacks answered affirmatively, as did 71% of Asians, 66% of Hispanics, and 60% of whites, while a slight majority of Republicans answered affirmatively alongside two-thirds of Democrats.
The elevated prominence of the ESG movement has not occurred without controversy. Republican state lawmakers have implemented a number of efforts to <a href="https://www.dailywire.com/news/blackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say" target="_blank" rel="noopener">divest</a> state funds from companies associated with the investment philosophy, while conservative consumers have <a href="https://www.dailywire.com/news/getting-worse-and-worse-former-anheuser-busch-executive-predicts-bud-light-backlash-is-not-going-away" target="_blank" rel="noopener">shunned</a> popular brands which <a href="https://www.dailywire.com/news/anheuser-busch-loses-perfect-lgbtq-equity-score-by-missing-key-moment-to-stand-up-for-mulvaney" target="_blank" rel="noopener">cater</a> to the ideology as they attempt to maintain their scores on ESG indices in order to retain <a href="https://www.dailywire.com/news/extortion-racket-big-brands-promote-polarizing-personalities-to-boost-cei-score" target="_blank" rel="noopener">access</a> to investment funds.

Wall Street

Woke Finance Positions Pay Much More Than Normal Ones, Report Says

Woke Finance Positions Pay Much More Than Normal Positions

Jobs

Robert Ottenstein, an analyst for investment <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">banking</a> advisory firm Evercore, predicted that the backlash against <a href="https://www.dailywire.com/topic/bud-light" target="_blank" rel="noopener">Bud Light</a> and other brands owned by <a href="https://www.dailywire.com/topic/anheuser-busch" target="_blank" rel="noopener">Anheuser-Busch</a> may have peaked.
Bud Light garnered widespread controversy among conservatives after the brand nodded toward <a href="https://www.dailywire.com/topic/dylan-mulvaney" target="_blank" rel="noopener">Dylan Mulvaney</a>, a self-described transgender social media influencer, by sending him a beer can bearing his likeness. Market data <a href="https://nypost.com/2023/05/16/bud-light-sales-plunge-24-in-latest-week-since-dylan-mulvaney-disaster/" target="_blank" rel="noopener">obtained</a> by the New York Post <a href="https://www.dailywire.com/news/bud-light-sales-plummet-for-fifth-straight-week-as-customers-react-against-mulvaney-partnership" target="_blank" rel="noopener">indicate</a> that sales for Bud Light declined 23.6% in the week ended May 6 in comparison to the same period last year, a slightly more severe outcome than the 23.3% decline witnessed for the week ended April 29.
Other brands controlled by Anheuser-Busch have also taken blows: Budweiser sales have declined 11.4% and 9.7% for the weeks ended April 29 and May 6, Michelob Ultra sales have declined 4.3% and 2.9%, and Natural Light sales have declined 5.2% and 2.5%.
Ottenstein said in a research <a href="https://finance.yahoo.com/news/ab-inbev-stock-drops-as-analysts-look-for-stabilization-in-bud-light-sales-declines-181740395.html" target="_blank" rel="noopener">note</a> shared with Yahoo Finance that a “second week of flattish trends strengthens the possibility that tracked channels have reached a point of stabilization” at significantly lower sales levels. Headwinds for Anheuser-Busch could alternatively be on the mend since some brands “improved sequentially, which is a positive sign that trends impacting the rest of the portfolio may be starting to reverse,” or could indicate that “overall industry strength positively impacted the data” since Molson Coors brands also saw improvements.
The research note from Evercore comes after investment bank HSBC downgraded Anheuser-Busch stock due to the controversy.
“The way this Bud Light crisis came about a month ago, management’s response to it and the loss of unprecedented volume and brand relevance raises many questions,” said Carlos Laboy, HSBC&#8217;s managing director for the global beverage sector. “If Budweiser and Bud Light are iconic American ideas that have long brought consumers together, why did these marketers fail to invite new consumers without alienating the core base of the firm’s largest brand?”
Alissa Heinerscheid, the vice president of marketing at Bud Light who oversaw the Mulvaney partnership, took a <a href="https://www.dailywire.com/news/bud-light-marketing-vp-takes-leave-of-absence-amid-dylan-mulvaney-controversy" target="_blank" rel="noopener">leave</a> of absence after footage of her criticizing the “fratty” image of the brand circulated online. Daniel Blake, who leads marketing for Anheuser-Busch’s mainstream brands, was also <a href="https://www.dailywire.com/news/anheuser-busch-places-another-top-marketing-executive-on-leave-after-bud-light-transgender-controversy" target="_blank" rel="noopener">placed</a> on leave over the incident.
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Executives for Anheuser-Busch have <a href="https://www.dailywire.com/news/one-single-can-anheuser-busch-sends-letter-to-minimize-disastrous-mulvaney-backlash" target="_blank" rel="noopener">downplayed</a> the extent of the partnership and <a href="https://www.dailywire.com/news/bud-light-parent-company-taps-lobbyists-to-win-back-conservatives-upset-over-dylan-mulvaney-partnership" target="_blank" rel="noopener">hired</a> veteran Republican lobbyists in efforts to win back conservatives who once consumed the brew. One unnamed executive <a href="https://nypost.com/2023/05/16/bud-light-budweiser-packaging-to-get-redesign-over-dylan-mulvaney-crisis-source/" target="_blank" rel="noopener">informed</a> the New York Post that the company will <a href="https://www.dailywire.com/news/bud-light-budweiser-release-camo-harley-davidson-limited-edition-cans-as-sales-continue-to-plummet" target="_blank" rel="noopener">produce</a> a camouflage Bud Light can as part of an initiative that offers educational scholarships to family members of fallen American military service members and first responders, while Budweiser shared images of a limited edition beer can featuring patterns inspired by Harley-Davidson.
Anheuser-Busch nevertheless appears to have offended those on both ends of the political spectrum: beyond the conservative backlash, leftists and owners of gay bars across the country threatened to launch additional <a href="https://www.dailywire.com/news/left-wing-activists-furious-at-bud-light-for-backing-away-from-mulvaney-call-for-a-boycott-of-their-own" target="_blank" rel="noopener">boycotts</a> after the firm backed away from Mulvaney.

Budweiser And Bud Light

Most Severe Backlash Against Anheuser-Busch May Already Be Over, Some Brands Turning A Corner, Banker Says

Banker Says Most Severe Backlash Against Anheuser-Busch May Already Be Over, Some Brands Turning A Corner

Anheuser-Busch

Bud Light

Dylan Mulvaney

Social Issues

Transgender

Deutsche Bank agreed to pay $75 million to settle a <a href="https://www.dailywire.com/topic/lawsuit" target="_blank" rel="noopener">lawsuit</a> accusing the company of failing to recognize the sex trafficking conducted by <a href="https://www.dailywire.com/topic/jeffrey-epstein" target="_blank" rel="noopener">Jeffrey Epstein</a>, the deceased pedophile hedge fund manager who was once a client of the firm.
Lawyers for an alleged Epstein victim, identified only as Jane Doe in court documents, filed a lawsuit against Deutsche Bank earlier this year and claimed that the German financial institution knowingly benefited from the Epstein trafficking scheme. Deutsche Bank received most of the Epstein hedge fund’s business after his partnership with <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a>, the largest investment bank in the United States, concluded in 2013.
Edwards Pottinger, one of the law firms representing the victim and other women, said in a <a href="https://apnews.com/article/deutsche-bank-epstein-lawsuit-settlement-637de5a37de933edfefd9a98832bfa8a" target="_blank" rel="noopener">statement</a> that the settlement with Deutsche Bank “will allow dozens of survivors of Jeffrey Epstein to finally attempt to restore their faith in our system knowing that all individuals and entities who facilitated Epstein’s sex trafficking operation will finally be held accountable.” Boies Schiller Flexner, another law firm which represents the victims, likewise said that “the scope and scale of Epstein’s abuse, and the many years it continued in plain sight, could not have happened without the collaboration and support of many powerful individuals and institutions.”
U.S. District Judge Jed Rakoff <a href="https://www.dailywire.com/news/epstein-victim-allowed-to-sue-big-banks-for-allegedly-enabling-sex-offender-we-will-leave-no-stone-unturned" target="_blank" rel="noopener">tossed</a> most charges against JPMorgan Chase and Deutsche Bank earlier this year in the proposed class action lawsuits from the Epstein accuser, who was joined by officials from the U.S. Virgin Islands, where Epstein owned an island estate called Little St. James before his apparent suicide in 2019. Lawyers are allowed to contend that the firms benefited from the sex trafficking scheme by providing Epstein with financial services.
“Epstein’s sex trafficking operation was impossible without the assistance of JPMorgan Chase, and later Deutsche Bank, and we assure the public that we will leave no stone unturned in our quest for justice for the many victims who deserved better from one of America’s largest financial institutions,” lawyers for the U.S. Virgin Islands and the Epstein victim previously said.
Epstein worked with JPMorgan Chase between 1998 and 2013 despite pleading guilty to two counts of soliciting prostitution from a teenage girl in 2008.
The disgraced late financier had a <a href="https://www.dailywire.com/news/jpmorgan-chase-had-deeper-ties-to-jeffrey-epstein-than-previously-acknowledged-report" target="_blank" rel="noopener">deeper</a> relationship with employees of the investment bank than the company previously admitted, according to a recent <a href="https://www.wsj.com/articles/jpmorgan-jeffrey-epstein-525febe3?mod=hp_lead_pos1" target="_blank" rel="noopener">report</a> from The Wall Street Journal. Mary Erdoes, a senior lieutenant to veteran JPMorgan Chase CEO Jamie Dimon, visited Epstein’s townhouse on the Upper East Side of Manhattan in 2011 and 2013, unnamed people familiar with the matter told the outlet. Erdoes also corresponded with Epstein via email about a charitable fund JPMorgan Chase was seeking to launch.
John Duffy, who formerly led JPMorgan Chase’s private bank, reportedly visited the townhouse in 2013 for a meeting. The company renewed an authorization one month later, permitting Epstein to borrow funds against his account despite multiple warnings from compliance officers. Justin Nelson, a banker who worked with Epstein at JPMorgan Chase, traveled to a New Mexico ranch owned by the pedophile in 2016 and participated in a handful of meetings at the Manhattan townhouse between 2014 and 2017.
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Dimon is scheduled to be deposed behind closed doors this month. Attorneys uncovered communications from employees who mentioned a “Dimon review” into the firm’s relationship with Epstein, according to a <a href="https://www.ft.com/content/f5e7d581-6369-4b0b-92f4-b5fe9a55b2f2" target="_blank" rel="noopener">report</a> from the Financial Times based on unnamed sources.
Lawyers for the U.S. Virgin Islands issued a <a href="https://www.dailywire.com/news/u-s-virgin-islands-subpoenas-elon-musk-for-docs-in-its-lawsuit-against-jpmorgan-chase-in-epstein-case-report" target="_blank" rel="noopener">subpoena</a> against Elon Musk this week for alleged documents related to the legal proceedings against JPMorgan Chase. The Tesla and SpaceX chief executive, who is not accused of wrongdoing, denies that he had any such documents.

Epstein and Maxwell

Big Bank Will Pay Massive Sum To Settle Epstein Victim Lawsuit

Deutsche Bank Will Pay $75 Million To Settle Epstein Victim Lawsuit

Courts

Jeffrey Epstein

Lawsuit

Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.
The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.
Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.
“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.
A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.
The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.
The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.
The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.
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The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”
Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”
The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.

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